Why Home Depot Shares Are Rising Today

The Home Depot Inc HD is trading higher Tuesday after the company announced better-than-expected third-quarter results.

Home Depot reported quarterly earnings of $3.92 per share, which beat the estimate of $3.40 per share. The company reported quarterly revenue of $36.8 billion, which beat the estimate of $34.49 billion, representing a 9.8% increase year-over-year.

"As evidenced by our strong performance in the quarter, our team continues to do an outstanding job of operating with flexibility and agility," said Craig Menear, chairman and CEO. "Ultimately, this is what has allowed us to respond to the elevated home improvement demand that has persisted."

See Also: Home Depot Q3 Earnings Top Estimates

HD Price Action: Home Depot has traded as low as $246.59 over a 52-week period. It's making new 52-week highs during Tuesday's trading session.

The stock was up 4.38% at $387.35 at time of publication.

Photo: courtesy of Home Depot.